A-LevelAccountingInventory ValuationOct/Nov 2022Paper 1 Q231 Mark
Which statements are correct about the first in first out (FIFO) method for inventory valuation? 1 issues to production are valued at the most recent purchase prices 2 issues to production are valued at the oldest purchase prices 3 provides a higher profit during periods of inflation 4 provides a lower profit during periods of inflation
A1 and 3
B1 and 4
C2 and 3
D2 and 4
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of inventory valuation within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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